LVMH, the world’s biggest luxury goods company, is buying the famous US-based jeweller Tiffany & Co. for more than $16 billion.

The luxury goods empire that owns brands such as Louis Vuitton, Dior, and Moët & Chandon have announced that they have agreed to pay $135 a share in cash.

The French store was facing low revenue due to low tourist spending and wants to restore the shine of the brand. The brand saw increasing popularity after featuring in Audrey Hepburn’s 1961 film Breakfast At Tiffany’s. It was founded in 1837 when Charles Lewis opened the first Tiffany store in downtown Manhattan, New York. The US jeweller now has more than 300 stores worldwide and employs more than 14,000 people.

“We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewellery world, to the LVMH family. We have immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our Maisons. We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come,” Bernard Arnault, the CEO of LVMH, said in a statement.